Dan takes ownership of the Steelway group
West Midlands businessman Dan Houghton has completed his third deal centred on an 82-year-old Black Country business and finally brought it back under his control again.
It is 10 years since he first bought the Steelway group of companies, which operates three
businesses from two sites in Wolverhampton and West Bromwich.
Advised by Andy Kay, Midlands corporate finance director at accountants Horwath Clark Whitehill, Mr Houghton and business partner Walter Karpynec first acquired Steelway in 2000.
The business was sold to Brigam Group, the Wolverhampton-based industrial group built up by chairman Sul Sahota, in 2005.
Dan Houghton said: “Sul asked me to come back as MD in 2006 and I am still here.
“Major investment has taken place under the Brigam Group’s ownership, with the introduction of 3D design capability and in January this year a £400,000 laser metal cutting facility
“We first had a conversation about Steelway in February this year. Brigam were not looking to sell and I wasn’t looking to buy but the dialogue continued and we ended up concluding a deal.”
Andy Kay, who also advised Mr Houghton on his first Steelway purchase, acted for him again in the latest deal.
He said: “This is a business that Dan has known for 25 years. It was established in 1928 and now employs around 180 people.
“Dan’s in-depth knowledge of the business, its people and its products meant that he was the natural choice to take Steelway on again.
“He intends to take Steelway up to the next level and has some exciting plans.”
Dan Houghton said: “Steelway has an excellent reputation in its marketplace and it has a lot of good people, many of whom I have worked with for a good few years.
“I feel the business has come home now and I don’t have an exit strategy this time, other than to grow the management team to take over the reins eventually.”
Mr Houghton was advised by Andy Kay and Gary Davie of Birmingham law firm Shakespeare
Putsman. Funding was arranged by Mark Harris and Jon Myerscough of Lloyds TSB. London solicitors Slaughter & May and Birmingham’s DLA Piper advised Brigam.
The Steelway group produces metal flooring, walkways, staircases, ladders, fire escapes,
handrails, architectural metalwork and general fabrications in steel, aluminium and GRP.
Its Steelway Fensecure arm specialised in manufacture a range of steel fencing and gates for parks and sports areas as well as heritage fencing, security fencing and street furniture.
Steelway Brickhouse produces fabrications for use in the water, sewerage, telecommunication, power, rail, industrial and commercial markets, including anti-terrorist and high security products.
Steelway Rail makes heritage, architectural and construction products for the rail industry and was involved in the restoration of Moor Street Station in Birmingham.